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        <fairValLevel>2</fairValLevel>
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        <name>BURFORD CAPITAL GLBL FIN</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>CEDR Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Cascade Funding Mortgage Trust</name>
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        <name>COMM Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>CPS Auto Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CARS.COM INC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COMM Mortgage Trust</name>
        <lei>5493004GWEVMOU8S3L34</lei>
        <title>COMM 2024-WCL1 MORTGAGE TRUST</title>
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        <fairValLevel>2</fairValLevel>
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        <name>CONE Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>REWORLD HOLDING CORP</name>
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        <fairValLevel>2</fairValLevel>
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        <name>CPS Auto Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DGWD Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DC Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>DELUXE CORP</name>
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        <name>Dividend Solar Loans LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ellington Financial Mortgage Trust</name>
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        <title>EFMT 2024-INV2</title>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>IHO VERWALTUNGS GMBH</name>
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        <name>IP 2025-IP Mortgage Trust</name>
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        <name>ILPT Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IRON MOUNTAIN INC</name>
        <lei>SQL3F6CKNNBM3SQGHX24</lei>
        <title>Iron Mountain Inc</title>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>JP Morgan Chase Commercial Mortgage Sec Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KEDRION SPA</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>LHOME Mortgage Trust</name>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>MFRA Trust</name>
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          <isin value="US58003NAJ37"/>
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        <fairValLevel>3</fairValLevel>
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      <invstOrSec>
        <name>Merit</name>
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        <title>MHP Commercial Mortgage Trust 2025-MHIL2</title>
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          <isin value="US59317DAL91"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Mill City Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mill City Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mill City Mortgage Trust</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Route 66 Development Authority</name>
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      <invstOrSec>
        <name>SDAL Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SM ENERGY CO</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SMRT</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SWCH Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SWCH Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>STREAM INNOVATIONS ISSUER TRUST</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SUNOCO LP</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tharaldson Hotel Portfolio Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>tvc mortgage trust</name>
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        <fairValLevel>3</fairValLevel>
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        <name>TALLGRASS NRG PRTNR/FIN</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>Aergo Capital Limited</name>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <fairValLevel>3</fairValLevel>
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        <name>Aergo Capital Limited</name>
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        <name>Aergo Capital Limited</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Aergo Capital Limited</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Aergo Capital Limited</name>
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        <fairValLevel>3</fairValLevel>
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        <name>Aergo Capital Limited</name>
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        <fairValLevel>2</fairValLevel>
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        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.72000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BBVA Consumo FTA</name>
        <lei>9598008ZNM97MVXBD120</lei>
        <title>Bbva Consumer 2026-1 Fondo de Titulizacion</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ES0306017056"/>
        </identifiers>
        <balance>1406695.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>1597710.12000000</valUSD>
        <pctVal>0.287740100438</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-05-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.32000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MOLOSSUS BTL</name>
        <lei>635400EK2YUIDKJ84N95</lei>
        <title>Molossus Btl 2025-1 PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3170343266"/>
        </identifiers>
        <balance>1407584.38000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75389200"/>
        <valUSD>1868363.94000000</valUSD>
        <pctVal>0.336483584238</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2063-03-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.08000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dowson 2026-1 Plc</name>
        <lei>213800ARUDISHV4A5218</lei>
        <title>Dowson 2026-1 PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3334185504"/>
        </identifiers>
        <balance>1025000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75389200"/>
        <valUSD>1359606.16000000</valUSD>
        <pctVal>0.244858693788</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.43000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dowson 2026-1 Plc</name>
        <lei>213800ARUDISHV4A5218</lei>
        <title>Dowson 2026-1 PLC</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XS3334185413"/>
        </identifiers>
        <balance>919000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75389200"/>
        <valUSD>1219003.60000000</valUSD>
        <pctVal>0.219536832062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-05-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.23000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sabadell Consumo FDT</name>
        <lei>959800WL7C8F7KSAN040</lei>
        <title>SABADELL CONSUMO 4 FDT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ES0306040041"/>
        </identifiers>
        <balance>1900000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>2175354.84000000</valUSD>
        <pctVal>0.391771205749</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-01-28</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.55000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Country Garden Holdings Co Ltd</name>
        <lei>549300MGHLPT1EFHGF84</lei>
        <title>Country Garden Holdings Co Ltd</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="KYG245241032"/>
        </identifiers>
        <balance>760112.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.84285000"/>
        <valUSD>16185.28000000</valUSD>
        <pctVal>0.002914893030</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Carnaby Inventory II LLC</name>
        <lei>2549005IXRZR7KSBJD91</lei>
        <title>Carnaby Inventory II Loan Facility</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="Internal Identifier" value="BA0003HJ1"/>
        </identifiers>
        <balance>1238250.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>742950.00000000</valUSD>
        <pctVal>0.133801811069</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2025-12-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>13.74000000</annualizedRt>
          <isDefault>Y</isDefault>
          <areIntrstPmntsInArrs>Y</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VMOS SA</name>
        <lei>N/A</lei>
        <title>VMOS SA 1st Lien Term Loan</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="LoanX ID" value="LX266722"/>
        </identifiers>
        <balance>3600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3647484.00000000</valUSD>
        <pctVal>0.656894764181</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-07-08</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OCS Group Holdings Ltd</name>
        <lei>54930002RKY3Y4LURL90</lei>
        <title>OCS Group Holdings Ltd 2026 GBP Term Loan B5</title>
        <cusip>000000000</cusip>
        <identifiers>
          <other otherDesc="LoanX ID" value="LX285717"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75389200"/>
        <valUSD>2647938.96000000</valUSD>
        <pctVal>0.476881389663</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-28</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TELENET FINANCE LUX NOTE</name>
        <lei>2138007RI9GLJPCC3E25</lei>
        <title>Telenet Finance Luxembourg Notes Sarl</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="BE6300372289"/>
        </identifiers>
        <balance>1200000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1190528.40000000</valUSD>
        <pctVal>0.214408582071</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banijay Entertainment SAS</name>
        <lei>5493008PW5N0VVCH7279</lei>
        <title>Banijay Entertainment SAS 2025 USD Term Loan B3</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XAF6456UAE38"/>
        </identifiers>
        <balance>1009022.68000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1008770.42000000</valUSD>
        <pctVal>0.181674822195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.37000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VMED O2 UK Holdco 4 Limited</name>
        <lei>213800ZRKYXK2SHQOW75</lei>
        <title>VMED O2 UK Holdco 4 Limited 2026 EUR Term Loan Z</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="XAG9368PBN33"/>
        </identifiers>
        <balance>2045105.00000000</balance>
        <units>PA</units>
        <currencyConditional curCd="EUR" exchangeRt="0.87519700"/>
        <valUSD>2115915.14000000</valUSD>
        <pctVal>0.381066394511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-15</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
      <explntrNote note="Please see notes to financial statements or N-PORT part F for a glossary of swap paid and received terms." noteItem="C.11.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-29</ncom:dateSigned>
      <ncom:nameOfApplicant>AB CarVal Credit Opportunities Fund</ncom:nameOfApplicant>
      <ncom:signature>Matt Johnson</ncom:signature>
      <ncom:signerName>Matt Johnson</ncom:signerName>
      <ncom:title>Treasurer, Principal Financial Officer, Principal Accounting Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
